Interim report
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HALF- YEAR FINANCIAL REPORT SECOND QUARTER OF 2026
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2 HAMBORNER REIT AG Half-year financial report as at 30 June 2026 FINANCIAL INDICA TORS INTERIM MANAGEMENT REPORT CONDENSED INTERIM FINANCIAL ST A TEMENTS OTHER DISCLOSURES FINANCIAL INDICA TORS IN € THOUSAND 1. JAN. TO 30. JUNE 2026 1. JAN. TO 30. JUNE 2025 From the income statement Income from rents and leases 45,061 45,651 Net rental income 37,250 37,321 Operating result –6,628 10,522 Financial result –6,847 –6,199 EBITDA 30,417 33,278 EBIT –6,856 12,717 Funds from operations (FFO) 23,798 24,884 Period result –13,703 6,518 of which resulting from the sale of investment property –228 2,195 30 JUNE 2026 31 DEC. 2025 From the statement of financial position Total assets 1,004,486 1,062,477 Non-current assets 951,791 1,002,325 Equity 339,222 384,645 Equity ratio in % 33.8 36.2 REIT equity ratio in % 53.9 54.7 EPRA Loan-to-value (LTV) in % 45.2 44.3 30 JUNE 2026 30 JUNE 2025 On HAMBORNER shares Number of shares outstanding 81,343,348 81,343,348 Basic = diluted earnings per share in € –0.17 0.08 Funds from operations (FFO) per share in € 0.29 0.31 Stock price per share (Xetra) in € 4.43 5.96 Market capitalisation 360,351 484,806 30 JUNE 2026 31 DEC. 2025 On the HAMBORNER portfolio Number of properties 63 64 Fair value of the property portfolio 1,315,910 1,348,530 EPRA vacancy rate in % 4.1 3.5 Weighted remaining term of leases in years 5.0 5.3 Other data Net asset value (NAV) 709,322 738,136 Net asset value per share in € 8.72 9.07 EPRA Net Tangible Assets (NTA) 709,306 738,107 EPRA Net Tangible Assets per share (NTA) in € 8.72 9.07 Number of employees including Management Board 61 59 €45. 1 MILLION INCOME FROM RENTS AND LEASES €23.8 MILLION FUNDS FROM OPERA TIONS
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3 HAMBORNER REIT AG Half-year financial report as at 30 June 2026 FINANCIAL INDICA TORS INTERIM MANAGEMENT REPORT CONDENSED INTERIM FINANCIAL ST A TEMENTS OTHER DISCLOSURES Further information Reference to another page in the annual report Reference to supplementary content on our website Return to contents INTERIM MANAGEMENT REPORT Macroeconomic conditions 4 Report on results of operations, net asset situation and financial position 4 Report on risks and opportunities 7 Forecast report 7 OTHER DISCLOSURES Responsibility statement 12 Additional information 13 Financial calendar / publication details 15 CONTENTS CONDENSED INTERIM FINANCIAL ST A TEMENTS Income statement 8 Statement of comprehensive income 8 Statement of financial position 9 Statement of cash flows 10 Statement of changes in equity 10 Notes 11
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4 HAMBORNER REIT AG Half-year financial report as at 30 June 2026 FINANCIAL INDICA TORS INTERIM MANAGEMENT REPORT CONDENSED INTERIM FINANCIAL ST A TEMENTS OTHER DISCLOSURES Macroeconomic conditions │ Report on results of operations, net asset situation and financial position Macroeconomic conditions The German economy showed tentative signs of stabilising in the first half of 2026. The economic situation brightened slightly towards the middle of the year, according to the Federal Ministry for Economics Affairs and Energy (BMWE). Although industrial output and consum- er spending recovered modestly, geopolitical uncertainties and high- er prices for energy and raw materials continued to have an adverse effect. A gradual economic recovery is expected over the remainder of the year if energy prices decline. The recent renewed escalation in the Persian Gulf could, however, have a negative impact on this recovery. The ifo Institute is expecting gross domestic product to increase moderately by 0.8% over the full year 2026. The forecast assumes that the conflict in the Middle East will ease in the coming weeks. The inflation rate was around 2.3% in June 2026. For the full year the ifo Institute is forecasting an average inflation rate of 2.8%. The unemployment rate in June 2026 was 6.2%, which was unchanged compared with the previous year (June 2025: 6.2%). Report on results of operations, net asset situation and financial position RESULTS OF OPERATIONS In the first half of 2026, HAMBORNER REIT generated rental income of €45,061 thousand from managing its properties. Compared with the previous year period (€45,651 thousand), the decline is mainly due to strategic property disposals, which reduced income by €1,319 thousand. Rental income from assets that were in the portfolio in both the first six months of the current year and the previous year (like-for-like) was stable and saw a slight increase of €729 thousand or 1.7%. The vacancy rate, measured as the target rent for vacant space as a proportion of total target rent in the reporting period, remained low. It came to 2.2% in the reporting period (previous year period: 2.1%). The EPRA vacancy rate as at the reporting date was 4.1% (31 Decem- ber 2025: 3.5%). Income from incidental costs passed on to tenants came to €5,943 thousand as at the end of June 2026 (previous year: €5,538 thousand) and so was €405 thousand higher year-on-year. Property disposals reduced this item by €249 thousand compared with the previous year. On a like-for-like basis the figure rose by €654 thousand, however. The increase stemmed mainly from higher ad- vance payments for incidental costs by tenants (€335 thousand) and from the result of past incidental cost invoices and the remeasure - ment of expected claims and credit balances from periods that have not yet been invoiced (€236 thousand). Operating expenses for property management came to €10,121 thou- sand as at the end of June (previous year: €10,341 thousand) and so were €220 thousand down on the previous year. While expenses fell by €542 thousand due to property sales, there was an increase of €322 thousand in the unchanged property portfolio (like-for-like). This was largely due to higher expenses in infrastructural and techni- cal property management. The expenses for the maintenance of the land and property portfolio rose by €106 thousand over the previous year period to €3,633 thou- sand (previous year: €3,527 thousand). The expenses in the first half of 2026 related to minor ongoing maintenance and various smaller planned maintenance measures. At €37,250 thousand, the net rental income derived from the above items was €71 thousand or 0.2% lower than the value for the same period of the previous year (€37,321 thousand). Administrative and personnel expenses totalled €5,342 thousand, up €276 thousand or 5.4% on the previous year’s level (€5,066 thou - sand). General and administrative expenses increased by €156 thou- sand to €1,267 thousand (previous year: €1,111 thousand). Person - nel expenses rose by €120 thousand year-on-year to €4,075 thousand (previous year: €3,955 thousand). This was particularly due to valua- tion effects in connection with the long-term variable remuneration (LTI) for the Management Board members. This is based on the per - formance of relevant indicators as at the reporting date. INTERIM MANAGEMENT REPORT
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5 HAMBORNER REIT AG Half-year financial report as at 30 June 2026 FINANCIAL INDICA TORS INTERIM MANAGEMENT REPORT CONDENSED INTERIM FINANCIAL ST A TEMENTS OTHER DISCLOSURES Report on results of operations, net asset situation and financial position The operating cost ratio, i.e. administrative and personnel expenses to income from rents and leases, rose to 11.9% (previous year: 11.1%). Depreciation and amortisation rose by €16,712 thousand to €37,273 thousand in the reporting period (previous year: €20,561 thousand). This is largely due to impairment losses of €19,234 thousand incurred on six office and retail properties due to revaluations carried out as at 30 June 2026. The impairments related to the properties in Stuttgart (Schockenriedstraße), Hamburg (Kurt-A.-Körber-Chaussee), Hallstadt (Michelinstraße), Darmstadt (Gräfenhäuserstraße), Mainz (Isaac-Ful- da-Allee) and Neu-Isenburg (Siemensstraße). Impairment losses of €2,354 thousand were recognised in the same period of the previous year. Other operating income amounted to €41 thousand in the first half of the reporting year (previous year: €797 thousand). The previous year’s figure particularly included income of €395 thousand from the derecognition of a liability. Other operating expenses in the first half of 2026 of €1,304 thousand (previous year: €1,969 thousand) related primarily to legal and con - sultancy costs of €676 thousand (previous year: €931 thousand). They primarily comprise expenses for external staff (€188 thousand) and IT consultancy work (€180 thousand). Other operating expenses also include costs for investor relations and public relations work of €207 thousand (previous year: €228 thousand) and write-downs on trade receivables of €232 thousand (previous year: €492 thousand). The company’s operating result for the first half of 2026 came to €–6,628 thousand, as against €10,522 thousand in the same period of the previous year. The disposal of properties generated earnings of €–228 thousand, which includes the sales proceeds for the property in Ditzingen in the first quarter of 2026. The transfer of the Ditzingen property took place on 1 March 2026. HAMBORNER generated a disposal gain of €148 thousand from the sale, before selling costs. This item also in - cludes selling costs of €376 thousand, largely in connection with the disposal of the property in Neu-Isenburg. The financial result came to €–6,847 thousand in the first half of 2026 as against €–6,199 thousand in the same period of the previous year. Interest income amounted to €449 thousand (previous year: €531 thousand) and stems from cash invested in overnight accounts and short-term deposits. Interest expenses of €–7,296 thousand (previous year: €–6,730 thou- sand) consist mainly of interest expenses on borrowing of €–6,809 thousand (previous year: €–6,244 thousand). These are €565 thou - sand higher than last year, primarily due to revaluations in connec- tion with the planned refinancing of expiring loans and higher refinancing rates. Based on total income and expenses, net income for the first half- year amounted to €–13,703 thousand (previous year: €6,518 thou - sand), mainly due to impairment losses of €19.2 million incurred in the first half of 2026. Funds from operations (FFO), i.e. the operating result before depreciation and amortisation expenses and not includ- ing proceeds from disposals, decreased by 4.4% and amounted to €23,798 thousand in the reporting period (previous year: €24,884 thousand). This corresponds to FFO per share of 29 cents (previous year: 31 cents). NET ASSET SITUATION AND FINANCIAL POSITION The value of the investment property was €939.1 million as at 30 June 2026 (31 December 2025: €990.1 million). The decline of €51.0 million in the carrying amount stems primarily from deprecia- tion and impairment losses, as well as from the reclassification of the office property in Neu-Isenburg (Siemensstraße) as “Non-current assets held for sale”. The updated fair value of the developed property portfolio as at 30 June 2026 was €1,315.9 million (31 December 2025: €1,348.5 mil- lion). The difference of €32.6 million stems from the disposal of the property in Ditzingen (€11.9 million) and a higher fair value at the end of the first quarter, particularly due to a revaluation of selected portfolio assets as at 30 June 2026 in consultation with the compa- ny’s external expert. The valuation adjustments related to eight office and retail properties and are partly due to changes in the let - ting prospects at their locations, as well as to higher cost estimates for lease renewals. Aggregate write-ups and write-downs came to €–20.7 million. Otherwise the fair values determined by external experts as at 31 December 2025 were retained. Non-current and current financial assets amounted to €3.9 million (31 December 2025: €3.6 million) and primarily comprised rental de- posits of €2.3 million (31 December 2025: €1.9 million). Receivables from service providers of €1.1 million were also shown in this item due to differences in the services agreed in some areas.
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6 HAMBORNER REIT AG Half-year financial report as at 30 June 2026 FINANCIAL INDICA TORS INTERIM MANAGEMENT REPORT CONDENSED INTERIM FINANCIAL ST A TEMENTS OTHER DISCLOSURES Report on results of operations, net asset situation and financial position Non-current and current other assets of €9.3 million (31 December 2025: €8.5 million) consisted mainly of building cost subsidies of €8.5 million in total paid in the context of lease renewals in Celle, Gießen and Mannheim. The agreed amounts will be spread out on a straight- line basis over the term of the leases in the form of a reduction in rents. Trade receivables amounted to €3.9 million (31 December 2025: €3.4 million). They include gross receivables from rent in arrears and billed incidental costs totalling €2.0 million (31 December 2025: €1.6 million). Expected losses of €0.4 million (31 December 2025: €0.2 million) were recognised on the gross receivables for the finan- cial reporting as at 30 June 2026. The item also includes receivables from future incidental cost invoices of €1.7 million (31 December 2025: €1.8 million). The company had cash and cash equivalents of €32.2 million on 30 June 2026 (31 December 2025: €42.5 million). The office property in Neu-Isenburg (Siemensstraße) was presented in the item “Non-current assets held for sale” as at 30 June 2026. The contract for the sale of this property was signed on 18 June 2026. The sales price of €13.5 million matched the carrying amount. Risks and rewards are expected to be transferred to the buyer in the third quar- ter of 2026. Equity amounted to €339.2 million as at 30 June 2026, following a value of €384.6 million as at 31 December 2025. The reported equity ratio was 33.8% as at the end of the period after 36.2% as at 31 December 2025. The REIT equity ratio came to 53.9% following a value of 54.7% as at 31 December 2025. At the Annual General Meeting on 3 June 2026, it was decided that €31.7 million of the net distributable profit under German commer - cial law (HGB) for the 2025 financial year should be used to distribute a dividend of €0.39 per share. The dividend was paid out after the Annual General Meeting. Current and non-current financial liabilities, including liabilities in connection with assets held for sale, declined by €12.4 million as against 31 December 2025 in the first half of 2026, and amounted to €627.6 million as at 30 June 2026 (31 December 2025: €639.9 mil - lion). The decline in financial liabilities is particularly due to loan re - payments and scheduled capital repayments of €20.5 million in total, which significantly exceeded new borrowing of €8.1 million in the reporting period. The average interest rate on all outstanding loans was around 2.2% as at 30 June 2026. The corresponding average remaining term was 2.8 years. Current and non-current trade payables and other liabilities de- creased by €0.3 million compared with 31 December 2025, falling from €27.0 million to €26.7 million. The item also includes lease lia - bilities pursuant to IFRS 16 for leaseholds of €14.5 million (31 Decem- ber 2025: €14.7 million). In addition, the item includes trade liabili - ties of €6.6 million (31 December 2025: €6.3 million), liabilities from rental deposits of €2.3 million (31 December 2025: €1.9 million) and advance lease payments of €1.0 million (31 December 2025: €1.2 million). Current and non-current provisions amounted to €6.9 million (31 December 2025: €6.7 million). Of this amount, €3.3 million was attributable to provisions for mining damage (31 December 2025: €3.2 million). The provision for refunding operating costs to tenants amounted to €1.7 million. The existing provisions for Management Board bonuses from short-term remuneration (STI) amounted to €0.2 million, and from long-term share-based remuneration (LTI) €0.3 million. The net asset value (NAV) of the company was €709.3 million at the end of the first half of the year (31 December 2025: €738.1 million). This corresponds to NAV per share of €8.72, down on €9.07 as at 31 December 2025. There were no other material contingent liabilities or other financial obligations as at the reporting date.
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7 HAMBORNER REIT AG Half-year financial report as at 30 June 2026 FINANCIAL INDICA TORS INTERIM MANAGEMENT REPORT CONDENSED INTERIM FINANCIAL ST A TEMENTS OTHER DISCLOSURES Report on risks and opportunities │ Forecast Report on risks and opportunities As a real estate company with a portfolio distributed across the whole of Germany, HAMBORNER REIT AG is exposed to a number of risks and opportunities that could affect its results of operations, net asset situation and financial position. With the exception of the matters described below, there are currently no significant changes in the assessment of the risks to, and opportunities for, the business development of the company as against 31 December 2025. The com- ments made therefore still apply, with the following amendments: NATIONAL AND INTERNATIONAL MARKET ENVIRONMENT RISKS According to the ifo institute, the recovery in the German economy that began last winter will suffer a setback due to the sharp rise in energy prices and the related decline in consumer spending in the second quarter. The ifo institute predicts that an expansive financial policy will drive a recovery in the German economy from the third quarter of 2026. However, this forecast assumed that the conflict in the Middle East would be settled within a few weeks. The renewed flare-up of military hostilities in the Iran conflict means this forecast must be treated with caution. The European Central Bank (ECB) voted in June 2026 to raise interest rates by 25 basis points. The deposit rate rose from 2.00% to 2.25% and the main refinancing rate from 2.15% to 2.40%. The move was justified by the war in the Middle East, which is stoking inflation. With its monetary policy the ECB aims to stabilise the medium-term inflation rate around its target of 2%. Inflation in Germany fell to 2.3% in June, which was only slightly above the ECB’s target of 2%. At its meeting in June, the first under its new chair Kevin Warsh, the Federal Reserve decided to leave its federal funds target range un - changed. The target range for the federal funds rate is therefore now at 3.50% to 3.75%. Central banks in the main industrialised economies (G10) remained cautious and mostly left interest rates unchanged. Interest rates were raised slightly in the euro area and in Australia, Japan and Norway, however. To reflect increased uncertainty about the further direction of energy prices in view of the conflict in the Persian Gulf, the ifo institute pre- sented one de-escalation and one escalation scenario in its Spring 2026 economic forecast. Because the Iran war is still ongoing and in view of its effects on crude oil prices and supply chains, the ifo insti- tute has adjusted its escalation scenario and still raised its growth rate for the current year by 0.2 percentage points, due to a greater impact of fiscal policy measures than expected. The economic indica- tor compiled by the German Institute for Economic Research im- proved slightly in June to 94.8 points, which is closer to the neutral 100 point mark. The mood could darken again, however, as a result of the resurgent conflict between the United States and Iran. FINANCING RISKS Current developments on financing markets mean that refinancing risks are likely to rise in the risk observation period. This has been taken into account for the current financial and liquidity planning. Corresponding risk provisions are being recognised and higher liquid- ity reserves maintained to limit the potential impact and ensure that the appropriate financial flexibility is in place and existing financing obligations can be met at all times. Forecast report Regardless of the persistently challenging macroeconomic conditions and the uncertainties mentioned in the report on risks and opportu- nities, the company is confident as regards the second half of 2026 and stands by the business outlook published in the 2025 Annual Report regarding future business performance. Taking into account the forecast assumptions presented in the Annual Report, the company anticipates income from rents and leas- es of between €87.5 million and €89.5 million in the 2026 financial year. The operating result (FFO) is expected to be between €38.0 million and €42.0 million.
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IN € THOUSAND 1 JAN. TO 30 JUNE 2026 1 JAN. TO 30 JUNE 2025 1 APR. TO 30 JUNE 2026 1 APR. TO 30 JUNE 2025 Income from rents and leases 45,061 45,651 22,450 22,608 Income from incidental costs passed on to tenants 5,943 5,538 2,839 2,864 Real estate operating expenses –10,121 –10,341 –4,241 –4,578 Property and building maintenance –3,633 –3,527 –2,213 –1,920 Net rental income 37,250 37,321 18,835 18,974 Administrative expenses –1,267 –1,111 –674 –579 Personnel expenses –4,075 –3,955 –1,999 –1,982 Amortisation of intangible assets, depreciation of property, plant and equipment and investment property –37,273 –20,561 –28,241 –11,468 Other operating income 41 797 5 469 Other operating expenses –1,304 –1,969 –625 –807 –43,878 –26,799 –31,534 –14,367 Operating result –6,628 10,522 –12,699 4,607 Result from the sale of investment property –228 2,195 –361 2,463 Earnings before interest and taxes (EBIT) –6,856 12,717 –13,060 7,070 Interest income 449 531 243 224 Interest expenses –7,296 –6,730 –3,664 –3,285 Financial result –6,847 –6,199 –3,421 –3,061 Period result –13,703 6,518 –16,481 4,009 Basic = diluted earnings per share (in €) –0.17 0.08 –0.20 0.05 IN € THOUSAND 1 JAN. TO 30 JUNE 2026 1 JAN. TO 30 JUNE 2025 1 APR. TO 30 JUNE 2026 1 APR. TO 30 JUNE 2025 Period result as per the income statement –13,703 6,518 –16,481 4,009 Items not subsequently reclassified to profit or loss in future: Actuarial gains / losses (–) on defined pension obligations 3 132 –66 –11 Other comprehensive income 3 132 –66 –11 TOTAL COMPREHENSIVE INCOME –13,700 6,650 –16,547 3,998 Other comprehensive income for the current period relates to the actuarial gains on defined-benefit pension commitments of €69 thousand due to the mid-year adjustment to the actuarial interest rate to 3.88% as at the end of the reporting period (31 December 2025: 3.88%). Income statement FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026 Statement of comprehensive income FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026 CONDENSED INTERIM FINANCIAL ST A TEMENTS AS A T 30 JUNE 2026 8 HAMBORNER REIT AG Half-year financial report as at 30 June 2026 FINANCIAL INDICA TORS INTERIM MANAGEMENT REPORT CONDENSED INTERIM FINANCIAL ST A TEMENTS OTHER DISCLOSURES Income statement│Statement of comprehensive income
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Statement of financial position – liabilitiesStatement of financial position – assets AS AT 30 JUNE 2026 30 JUNE 2026 31 DEC. 2025 Non-current assets Intangible assets 16 29 Property, plant and equipment 2,530 2,621 Investment property 939,130 990,067 Financial assets 2,257 1,923 Other assets 7,858 7,685 951,791 1,002,325 Current assets Trade receivables 3,887 3,409 Financial assets 1,654 1,688 Other assets 1,478 798 Cash and cash equivalents 32,176 42,505 Non-current assets held for sale 13,500 11,752 52,695 60,152 TOTAL ASSETS 1,004,486 1,062,477 IN € THOUSAND 30 JUNE 2026 31 DEC. 2025 Equity Issued capital 81,343 81,343 Capital reserves 260,456 276,271 Retained earnings –2,577 27,031 339,222 384,645 Non-current liabilities and provisions Financial liabilities 465,438 524,415 Trade payables and other liabilities 15,943 15,876 Pension provisions 4,125 4,258 Other provisions 3,285 3,364 488,791 547,913 Current liabilities and provisions Financial liabilities 152,395 115,502 Trade payables and other liabilities 10,745 11,116 Other provisions 3,588 3,301 Liabilities related to assets held for sale 9,745 0 176,473 129,919 1,004,486 1,062,477 9 HAMBORNER REIT AG Half-year financial report as at 30 June 2026 FINANCIAL INDICA TORS INTERIM MANAGEMENT REPORT CONDENSED INTERIM FINANCIAL ST A TEMENTS OTHER DISCLOSURES Statement of financial position Statement of financial position
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Statement of cash flows FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2026 Statement of changes in equity IN € THOUSAND 1 JAN. TO 30 JUNE 2026 1 JAN. TO 30 JUNE 2025 Cash flow from operating activities Period result –13,703 6,518 Financial result 6,900 6,335 Depreciation and amortisation (+) / reversals (–) 37,273 20,561 Change in provisions 79 130 Gains (–) / losses (+) (net) on the disposal of property, plant and equipment and investment property –148 –2,496 Change in receivables and other assets not attributable to investing or financing activities –1,297 313 Change in liabilities not attributable to investing or financing activities 268 –1,867 29,372 29,494 Cash flow from investing activities Investments in intangible assets, property, plant and equipment and investment property –164 –1,572 Proceeds from disposals of property, plant and equipment and investment property 11,900 27,390 Payments (–) for cash collateral for financial liabilities 0 –3,645 11,736 22,173 Cash flow from financing activities Dividends paid –31,723 –39,045 Proceeds from borrowings of financial liabilities 8,170 12,000 Repayments of borrowing –20,540 –60,395 Repayments of lease liabilities –239 –214 Interest payments –7,105 –6,463 –51,437 –94,117 Cash-effective changes to cash funds –10,329 –42,450 Cash funds on 1 January 42,505 51,766 Cash funds on 30 June 32,176 9,316 IN € THOUSAND ISSUED CAPITAL CAPITAL RESERVES RETAINED EARNINGS EQUITY TOTAL IAS 19 Reserve Pension provisions Other retained earnings As at 1 January 2025 81,343 300,454 –3,949 33,318 411,166 Withdrawal from capital reserves –24,183 24,183 0 Distribution of profit for 2024 (€0.48 per share) –39,045 –39,045 Net profit for the period 1 January to 30 June 2025 6,518 6,518 Other comprehensive income 1 January to 30 June 2025 132 132 Total comprehensive income 1 January to 30 June 2025 132 24,974 6,650 As at 30 June 2025 81,343 276,271 –3,817 24,974 378,771 Net profit for the period 1 July to 31 December 2025 5,970 5,970 Other comprehensive income 1 July to 31 December. 2025 –96 –96 Total comprehensive income 1 July to 31 December 2025 –96 5,970 5,874 As at 31 December 2025 81,343 276,271 –3,913 30,944 384,645 Withdrawal from capital reserves –15,815 15,815 0 Distribution of profit for 2025 (€0.39 per share) –31,723 –31,723 Net profit for the period 1 January to 30 June 2026 –13,703 –13,703 Other comprehensive income 1 January to 30 June 2026 3 3 Total comprehensive income 1 January to 30 June 2026 3 –13,703 –13,700 As at 30 June 2026 81,343 260,456 –3,910 1,333 339,222 10 HAMBORNER REIT AG Half-year financial report as at 30 June 2026 FINANCIAL INDICA TORS INTERIM MANAGEMENT REPORT CONDENSED INTERIM FINANCIAL ST A TEMENTS OTHER DISCLOSURES Statement of cash flows│changes in equity
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Notes INFORMATION ON HAMBORNER REIT HAMBORNER REIT AG is a listed corporation (securities identification number A3H233) headquartered in Duisburg, Germany. This HAMBORNER REIT AG interim report for the first half of 2026 will be published on 4 August 2026. The interim financial statements are presented in euros (€). All amounts are presented in thousands of euros (€ thousand) unless stated otherwise. Minor rounding differ - ences can occur in totals and percentages. PRINCIPLES OF REPORTING This HAMBORNER REIT AG interim report as at 30 June 2026 was prepared on the basis of IFRSs as applicable in the European Union and insofar as they apply to interim financial statements (IAS 34), and in accordance with the requirements on interim reporting of German Accounting Standard no. 16 of the Accounting Standards Committee of Germany (ASCG) and takes into account the requirements under section 37w of the German Securities Trading Act (WpHG). It contains a condensed version of the individual financial statements prepared in accordance with IFRS as at 31 December 2025. The interim financial statements as at 30 June 2026 are based on the same accounting policies and principles as the separate financial statements according to IFRS as at 31 December 2025. This interim report has not been audited by an auditor in accordance with section 317 HGB, nor has it undergone an auditor’s review. In the opinion of the Management Board, the interim report contains all material information necessary for an understanding of the changes to the results of operations, net asset situation and financial position of HAMBORNER REIT AG since the last reporting date of 31 December 2025. This report contains forward-looking statements, for example con - cerning general economic developments in Germany, the future situ- ation of the property industry and the forecast business performance of HAMBORNER REIT AG. These statements are based on current assumptions and estimates by the company, which were made care- fully on the basis of information available as at the reporting date. If the assumptions on which statements and forecasts are based are not accurate, the actual results may differ from those currently anticipated. OTHER SELECTIVE EXPLANATORY NOTES As at 30 June 2026, the fair value of the property portfolio decreased by €32.6 million to €1,315.9 million compared with 31 December 2025 (31 December 2025: €1,348.5 million). This was due to the sale of the property in Ditzingen for €11.9 million and the fair value adjustments of €20.0 million in total carried out for eight properties as at 31 March 2026 and 30 June 2026. The value of the properties was measured by an external expert and in one case the fair value was aligned with the agreed sales price. The agreed sales price was recognised for one property. This reduced the fair value of this asset by €0.7 million compared with 31 December 2025. The discount rate used to measure pension obligations was 3.88% as at 30 June 2026 (31 December 2025: 3.88%; 30 June 2025: 3.72%). This caused a €133 thousand decline (30 June 2025: €132 thousand) in pension provisions, which was recorded directly in equity under retained earnings. All assets and liabilities are valued at amortised cost. With the exception of financial liabilities, the carrying amounts of the financial assets and liabilities recognised at amortised cost in the statement of financial position constitute a reliable approximation of the fair value. There were no material contingent liabilities or other financial obligations as at the reporting date. SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES There were no reportable transactions with related parties in the first half of the 2026 financial year. 11 HAMBORNER REIT AG Half-year financial report as at 30 June 2026 FINANCIAL INDICA TORS INTERIM MANAGEMENT REPORT CONDENSED INTERIM FINANCIAL ST A TEMENTS OTHER DISCLOSURES Notes
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RESPONSIBILITY ST A TEMENT To the best of our knowledge, and in accordance with the applicable reporting principles for half-yearly financial reporting, the half-year financial statements give a true and fair view of the net asset situa - tion, financial position and results of operations of the company, and the interim management report of the company includes a fair re - view of the development and performance of the business and the position of the company, together with a description of the principal opportunities and risks associated with the expected development of the company for the remainder of the financial year. Duisburg, 4 August 2026 The Management Board Niclas Karoff Sarah Verheyen 12 HAMBORNER REIT AG Half-year financial report as at 30 June 2026 FINANCIAL INDICA TORS INTERIM MANAGEMENT REPORT CONDENSED INTERIM FINANCIAL ST A TEMENTS OTHER DISCLOSURES Responsibility statement
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ADDITIONAL INFORMA TION General performance on the capital market Following the generally positive performance of the German equity market in 2025, the benign market trend continued into the first half of 2026. Capital markets remained subject to geopolitical tensions and uncertainty concerning trade policies, however, which resulted in greater volatility at times, especially in the first quarter. After a sharp correction in March the stock markets made a tangible recov - ery over the course of the second quarter. The German equity indices largely showed a positive performance in the reporting period. The DAX rose from 24,490 points at year-end 2025 to 24,996 points as at 30 June 2026, an increase of around 2.1%. Shares in smaller companies outperformed the main index, with the MDAX up by 3.3% and the SDAX 5.5% higher. The FTSE EPRA / NAREIT Europe ex UK index, which tracks the perfor- mance of listed European property companies outside the United Kingdom, was volatile in the first half of 2026 and lagged behind the positive stock market performance. There was some positive momentum from the ongoing stabilisation of real estate markets, greater deal-making activity, and expectations that interest rates will go down in the medium term. However, these were offset by geopolitical uncertainties and a financing environ - ment that remains challenging, meaning that European property shares underperformed the broader stock market overall. HAMBORNER REIT AG shares SHARE PRICE AND TRADING VOLUME IN 2026 Revenue in thousands Price at month- end (XETRA) in € 12 10 8 6 4 2 0 2,887 2,815 4,061 4,640 2,827 3,019 2,472 6 5 4 3 2 1 0 Dec. 25 Jan. 26 Feb. 26 Mar. 26 Apr. 26 May 26 June 26 The HAMBORNER share achieved a relatively stable performance in the reporting period. The adjustment to the company strategy adopt- ed in February 2026 had a positive effect, as did the dividend yield, which remains attractive. After the Annual General Meeting on 3 June 2026 and the related dividend discount, the share closed at €4.43 on 30 June 2026. A divi- dend of €0.39 per share was voted on for the 2025 financial year. Market capitalisation amounted to €360.4 million as at 30 June 2026 (31 December 2025: €364.7 million). Trading volumes for the HAMBORNER share remained high in the first half of 2026, at an average of around 156,000 per trading day, which was only slightly below the average of roughly 166,000 shares per day over the full year 2025. HAMBORNER SHARES Name / code HAMBORNER REIT AG / HABA Share class Registered share SCN / ISIN A3H233 / DE000A3H2333 Number of shares 81,343,348 Share capital €81,343,348 Listing segment Prime Standard Indices SDAX / EPRA index Designated sponsors Berenberg Bank Free float 87.8% Share price as at 30 June 2026 (XETRA) €4.43 Market capitalisation as at 30 June 2026 €360.4 million 13 HAMBORNER REIT AG Half-year financial report as at 30 June 2026 FINANCIAL INDICA TORS INTERIM MANAGEMENT REPORT CONDENSED INTERIM FINANCIAL ST A TEMENTS OTHER DISCLOSURES Additional information
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SHAREHOLDER STRUCTURE AS A T 30 JUNE 2026 87. 8 %Free float 12.2% RAG Stiftung, Essen (of which 2.6% via RAG AG) 81,343,348 SHARES 100% Annual General Meeting & dividend The company’s Annual General Meeting for this year took place in the physical presence of shareholders in Essen on 3 June 2026. At the Annual General Meeting, all resolutions proposed by the Management Board and the Supervisory Board were adopted by a large majority. Among other things, the resolutions concerned the discharge of the Management Board and Supervisory Board for the 2025 financial year, approval of the remuneration report and advance authorisation to purchase and use treasury shares. The Annual General Meeting also confirmed the dividend suggested by the Management Board and the Supervisory Board and resolved to pay a dividend of €0.39 per share for the 2025 financial year. Based on the XETRA closing price for HAMBORNER shares at the end of 2025, this corresponded to a dividend yield of around 8.7%. 14 HAMBORNER REIT AG Half-year financial report as at 30 June 2026 FINANCIAL INDICA TORS INTERIM MANAGEMENT REPORT CONDENSED INTERIM FINANCIAL ST A TEMENTS OTHER DISCLOSURES Additional information
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FINANCIAL CALENDAR / PUBLICA TION DET AILS FINANCIAL CALENDAR 2026/2027 4 August 2026 Half-year financial report, 30 June 2026 10 November 2026 Interim statement, 30 September 2026 25 February 2027 Provisional figures for the 2026 financial year 22 April 2027 2026 Annual Report 6 May 2027 Interim statement, 31 March 2027 10 June 2027 2027 Annual General Meeting PUBLICATION DETAILS Published by HAMBORNER REIT AG Goethestraße 45 47166 Duisburg Germany Tel.: +49 203 54405-0 Fax: +49 203 54405-49 info@hamborner.de www.hamborner.de Concept, graphics and production Berichtsmanufaktur GmbH, Hamburg, Germany www.berichtsmanufaktur.de/en Image credits HAMBORNER REIT AG Markus Altmann 15 HAMBORNER REIT AG Half-year financial report as at 30 June 2026 FINANCIAL INDICA TORS INTERIM MANAGEMENT REPORT CONDENSED INTERIM FINANCIAL ST A TEMENTS OTHER DISCLOSURES Financial calendar │ Publication details
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